Lundin Energy (Hold, TP: SEK275.00) - Finding its trading range
We forecast Q2 EBITDAX of USD1,073m, 4% above consensus of USD1,034m, on higher production estimates. While we remain above consensus on 2021e production, Lundin Energy continues to report poor exploration results with another dry well in the Barents Sea, and what appears to be a disappointing result from the Iving appraisal well. We reiterate our HOLD and SEK275 target price.Lundin Petroleum is an oil and gas company. Co. has a global portfolio of assets with two main areas located in Norway and South East Asia. As of Dec 31 2014, Co. held close to 70 licences in Norway, with activities across exploration, appraisal, development and production. Co. also operated within several geographical areas, including France, Netherlands, Malaysia, Indonesia, Russia, Sweden and other countries.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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